You own a hardware shop? Be ruthless about these 3 things during your next restock.

Under KRA's eTIMS stock management requirements, buying stock is no longer just about receiving an invoice and updating your stock sheet.

You need to know what came in, what went out and what happened to every unit in between.

Here's where you need to be strict:

1. Count before you receive.

Don't assume the supplier delivered everything on the invoice.

The invoice says 100 bags of cement, but only 95 arrive?

Don't record 100 as stock received.

Match three things:

• The supplier's eTIMS invoice.
• The actual physical delivery.
• Your stock records.

Resolve any differences immediately.

2. Document every stock adjustment.

A bag of cement gets damaged.

A box of tiles breaks.

Some items go missing.

Don't just change the stock figures and move on.

Record what happened, when it happened and why the adjustment was made.

Stock losses happen. But unexplained stock differences can become a problem.

3. Check how you document purchases.

That small supplier you buy from may not issue an eTIMS invoice.

Don't simply leave the purchase undocumented.

Where eligible, use Buyer Initiated Invoicing (BII) to document qualifying purchases from suppliers who are not required to issue eTIMS invoices.

Make sure the transaction meets the applicable requirements.

Here's the bigger picture:

KRA is looking beyond what you sell.

Your purchases, stock movements, adjustments and sales should tell one consistent story.

Don't wait until filing time to discover that your stock records don't add up.